BTBDW — what changed in the latest 10-Q

Text added vs the prior filing · source: 10-Q · 2026-08-17

• Net income for the thirteen weeks ended June 28, 2026, was $576,433, compared to $55,031 for the prior year period. The increase in net income was primarily attributable to an unrealized gain of $829,976 on marketable securities during the current period, compared to an unrealized gain of $82,128 in…

• Changes in the fair value of our marketable securities can result in significant unrealized gains or losses from period to period. Unrealized gains and losses are non-cash and do not affect cash flows unless and until the applicable securities are sold.

• The Company also recorded a write down on its inventory of bottled water of approximately $174,000 in the 13-week period ended June 28, 2026.

• Excluding the impact of investment gains and losses and the write down of the inventory of bottled water held for sale, the Company’s operating results improved compared to the prior year period, reflecting reduced general and administrative expenses and lower food costs at Burger Time.

• Net sales for the second fiscal quarter of 2026 decreased by approximately $229,000 to approximately $3.6 million from $3.8 million in fiscal 2025. The decrease resulted from a decline in Burger Time sales during the quarter, including the closure of the Minot Burger Time location in mid-2025.

Text removed vs the prior filing · source: 10-Q · 2026-05-18

• Net loss for the thirteen weeks ended March 29, 2026, was $751,011, compared to a net loss of $329,849 for the prior year period. The increase in net loss was primarily attributable to an unrealized loss of $435,615 on marketable securities during the current period, compared to an unrealized loss o…

• These investment-related losses are primarily driven by changes in the market value of publicly traded securities and are non-cash in nature with respect to unrealized losses. Excluding the impact of investment gains and losses, the Company’s operating results improved compared to the prior year per…

• Net sales for the first fiscal quarter of 2026 decreased by $387,439 to approximately $2.8 million from $3.2 million in fiscal 2025. The decrease resulted from a decline in Burger Time sales during the quarter, including the closure of the Minot Burger Time location in mid-2025. Minot contributed $1…

• Restaurant unit sales for Burger Time over 13 weeks ranged from approximately $137,000 to approximately $247,000. The average sales for each Burger Time unit were approximately $179,000 in 2026, approximately $51,000 below the same period in 2025.

• To supplement the condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses restaurant-level EBITDA. Restaurant-level EBITDA, which is not a measure defined by GAAP. This non-GAAP operating measure is useful to both management and, we bel…

Text added vs the prior filing · source: 10-Q · 2026-08-17

• Management, with the participation of Gary Copperud, our Chief Executive Officer, who serves as both our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of June 28, 2026 pursuant to Rule 13a-15(b) under the Securit…

• Based on that evaluation, and in light of the material weakness in our internal control over financial reporting previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025, Mr. Copperud concluded that our disclosure controls and procedures were not effective a…

• In addition to the matters discussed previously, the Company is considering utilizing outside consultants as an extension of management, potentially to assist in the accounting for significant acquisitions. In recent years, the Company has not completed any acquisitions.

• Effective May 26, 2026, Kenneth Brimmer resigned as the Company's Chief Financial Officer, principal financial officer and principal accounting officer. Following Mr. Brimmer's resignation, Gary Copperud, our Chief Executive Officer, was designated as the Company’s principal financial officer effect…

Text removed vs the prior filing · source: 10-Q · 2026-05-18

• As of March 29, 2026, our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(b) promulgated under the Exchange Act. Based upon that evaluation and the material weakness in our internal control over financi…

• In addition to the matters discussed previously, the Company is considering utilizing outside consultants as an extension of management, potentially to assist in the accounting for significant acquisitions. In recent years, the Company has not completed any acquisitions. Except for the items describ…

Text added vs the prior filing · source: 10-Q · 2026-08-17

• During the quarter ended June 28, 2026, none of the Company's directors or officers, as defined in Rule 16a-1(f) under the Exchange Act, adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Text removed vs the prior filing · source: 10-Q · 2026-05-18

• On April 20, 2026, the Board of Directors of BT Brands, Inc. (the “Company”) approved and adopted an Amended and Restated Insider Trading Policy (the “Revised Policy”), which replaced the Company’s prior insider trading policy previously filed as Exhibit 19.1 to the Company’s Annual Report on Form 1…

• On May 14, 2026, BT Brands, Inc. (the “Company”) terminated that certain Equity Distribution Agreement, dated December 16, 2024 (the “Agreement”), by and between the Company and Maxim Group LLC (“Maxim”). Under the terms of the Agreement, the Company could from time to time offer and sell shares of …